Governor says BoK must tighten policy ‘before it is too late’
Shin rows back on previous calls to look through inflation and says data points in one direction only
The governor of the Bank of Korea has said it needs to raise rates before it is too late, in a signal that he no longer views the inflationary impact of the US-Iran war as temporary.
In a speech today (June 12), Hyun Song Shin said concerns about inflation had intensified as the war continued and the effects of higher oil prices globally became more pronounced. He said consumer price inflation in South Korea had increased to around 3% in May, while core inflation – which had previously appeared
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